Commentary

Budget 2022: Expect more tax hikes on the rich in Singapore

The days of taxation with a light touch are over. This Budget is a first step towards a tax system where those with more will contribute more.

On Feb 18, Mr Lawrence Wong delivered his first Budget as Finance Minister. ST PHOTO: GAVIN FOO
New: Gift this subscriber-only story to your friends and family

SINGAPORE - A Budget consists of two sides: expenditure and revenue.

Many Budgets in recent years, pre-Covid-19, were big on the spending side. They were headlined bonanzas or bonuses; and the finance minister announcing them, often around the Chinese New Year period, was likened to the God of Fortune, who dispenses money.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.